1. (40 points) On July 2, you started a new company to paint metal products. You hope to receive business from local companies that need their metal products painted. The following transactions occurred during the month of July. Write so that you can do your work on the front and back of these pages. July Received $38,000 cash from investors. Received $5,000 cash for products painted for a local company. Paid S1200 for paint supplies. Painted more metal parts, and billed the customer for $6.200. The money will be received in August Paid $900 for maintenance expenses. Purchased painting equipment for $8.500. This was purchased with a down payment of $2,000 with the remaining balance due next month. Paid utility bills of $350. Paid $1.700 in salaries